Question

Sudhakar borrows rs 15000 from a bank to renovate his house. he borrows the 9% p.a. simple interest over 8 years. what are his monthly repayments?

Answer 1

The SI unit=p×r×t÷100
so it is 15000×8×9÷100=10800

so the money to be paid is 15000+10800=25800

now for the monthly repayments we have to divide it by 12 which is 2150

Answer 2

➡HERE IS YOUR ANSWER⬇

♧♧FORMULA♧♧

Principal = P

Rate = R%

Time = T years

Interest = I

So, the relation is :

I = (P×T×R)/100


♧♧SOLUTION♧♧

Given that :

Principal (P) = Rs 15000

Time (T) = 8 years

Rate (R) = 9%

Interest (I) = (P×T×R)/100

=> I = (15000×8×9)/100

= 10800

So, Interest in 8 years = Rs 10800

Then, total money to be repaid

= Rs (15000 + 10800)

= Rs 25800

8 years = 8×12 months = 96 months

Hence, monthly repayment

= Rs (25800/96)

= Rs 268.75

⬆HOPE THIS HELPS YOU⬅